EUR/USD bounces at top and shows bearish breakout and momentum

forex-news-euro-usd4 hour

The EUR/USD made a bearish breakout below the support trend line (dotted green) after bouncing at the resistance (red). The bearish retracement could be part of a bearish correction within a larger uptrend continuation where waves 3 prevail. The alternative is that price is not completing a 123 (pink) but a larger ABC correction. A break below the support trend line (blue) and 61.8% Fib of wave 4 makes a bearish scenario more likely.

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The EUR/USD broke the support trend line and could be building a wave C (orange) correction. A break above the resistance trend line (red) could be a first sign that wave C is over whereas a break below support could see price fall further. A push below the 61.8% Fib makes this wave 4 unlikely.

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Origin: Admiral Markets

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